WWE CEO Vince McMahon Says He’s Retiring, Pro Wrestling Has Rocked
The professional wrestling world has been rocked after former WWE Chairman Vince McMahon announced his intention to retire.
The 76-year-old announced his retirement on Friday, July 22 via an official WWE statement.
McMahon also mentioned that his daughter, Stephanie McMahon, and current WWE Chairman Nick Khan will take over as co-CEO of WWE, ESPN reported.
It will be remembered that Stephanie McMahon was acting in an acting capacity before her father announced his intention to retire. Additionally, the 45-year-old will take over as president.
“I am extremely confident in the continued success of WWE, and I leave our company in the able hands of an extraordinary group of Superstars, employees and executives – in particular, Chairman and Co-CEO Stephanie McMahon and the co-CEO Nick Khan,” McMahon said in the statement.
Stephanie McMahon and the WWE Universe would then give thanks to the 76-year-old monarch on the July 22 edition of WWE SmackDown.
These developments come shortly after McMahon stepped down as WWE Chairman and CEO following reports of an ongoing investigation linking Vince McMahon to a secret $3 million settlement granted by the WWE mogul to former WWE paralegal employee.
Regardless, McMahon was still working as the head of WWE’s creative team.
After the Wall Street Journal’s initial report, another report came out on July 8 regarding McMahon’s wrongdoings.
It has been reported that the board is investigating $12 million given to four former WWE employees or contractors to silence allegations of McMahon’s sexual misconduct.
With development, it remains to be seen if Stephanie McMahon and Nick Khan will be able to continue the success Vince McMahon has made for professional wrestling.
McMahon leaves a complicated, scandal-ridden legacy, including accusations that he supplied his wrestlers with steroids taken from him by the United States government in 1994. A jury has told the former WWE boss not guilty.